Financing your home
Prior to touring homes, it’s a good idea to meet with your Loan Officer to get pre-approved for a loan amount. A loan amount is the amount of money borrowed from a bank including taxes, insurance, interest and more. If you don't have a lender you're working with already. Our local real estate team partners with some of the best. Just ask!
The lender gathers information about income, current employment, credit history, assets and debts of the borrower to determine how much house you may be able to afford.
Not all loans are the same. Knowing which loan is most appropriate for you is important.
A loan "option" is made up of three different things.
Interest Rate Type
Type of Loan
Types of Loans come with different benefits, here are a few most common types.
Low down payment
Available to those with lower credit scores
Majority of loans
Typically cost less than FHA loans but can be harder to get
For low- to middle-income borrowers in rural areas
For veterans, servicemembers, or surviving spouses